I expect if Romney was elected, the market would have dropped more and faster. There would have been more uncertainty in a Romney administration.
This market response is more due to a long term dismal outlook on the market and life in general, which is not the product of one man.
Drastic change causes drastic consequences. The multiple "Free" Trade Agreements were too many, too much, too quickly. We sent our jobs overseas, got some cheaper goods, but many lost their jobs and can't as much afford to be consumers, which hurts us all.
It is absurd to have restrictions, taxes, and liability for US manufacturers, have free trade agreements, and not expect jobs to go overseas. It's not the CEO's that send the jobs there, it is us, the consumers (buying cheaper goods, even though some are inferior quality) and voters (electing officials who sign more and more "free" trade agreements.)
President Obama is but one small part in this scenario and Romney would have continued down this path.
There was a time when most young people knew they were going to have a career designing video games, and felt they were preparing themselves by playing a lot of those. The parents were wealthy with equity loans and didn't disagree. The kids didn't know that even to design a game they needed language, math and work ethics. What we have now are quite a few manufacturing jobs and not nearly enough qualified candidates. The reason? Applicants fail in one or all of ability to use mathematics to measure a part, ability to form a sentence, commitment to come to work everyday.
One thing I can't understand is how Obama won the youth vote by huge margins again. Considering that young people can't even get jobs now, why would they vote for him again? Just because he's "cool"? Can someone explain this to me.
I have a different perspective, some would say it's conspiratorial... but many of us on this board play with numbers... I just have one question and one comment... how many of our projections or predictions come true? How is it that the DNC projected the exact numbers/percentage of demographics that would vote for obama? Please look into this... I would like to hire these guys to do all my predictions and projections! KISS principle applies... Occam's razor.
A lot of the youth today are living on unemployment insurance extensions and food stamps, two programs Romney was wanting to greatly reduce or eliminate. Besides those programs, a lot of youth are students, receiving student aid, another economic bubble. The youth know where their bread gets buttered.
At a purely technical level, it's a very bad sign that the S&P 500 index has dropped right through the 200-day exponential moving average with just a couple of tiny bounces off that moving average line. That 200-day ema is a crucial line of support for the market averages, and it's very negative the way $SPX went straight through it like is wasn't even there.
That is true, but keep in mind that the S&P 500 index plunged in November 2008 mainly because Obama was elected. I saw that plunge in real-time and it was absolutely incredible how badly the energy sector was decimated in that selloff. So Obama started with a badly beaten-down market that sold off hard because he was elected. Then the market got worse as the economy tanked badly in December 2008 and early in 2009.
Market sentiment is putrid, stinky, and filthy. Closed-end high yield bond funds have fallen so fast in the last three days that I can't even keep up with how fast they're falling--fortunately my stop loss orders executed and got me out of most of them early in the week. There is no demand for equities in this market right now. Selling isn't too heavy yet but demand is extremely low; people are waiting for much lower prices before they're willing to buy. Everyone is de-risking, hedging, and shorting as fast as they can, as far I can can tell. The S&P 500 index could easily drop another 5% from yesterday's close before the market makes a real bounce up. We'll probably see some kind of rally on the day after Thanksgiving. I just bought SDT with an 18% yield for the long run in my IRA. It may go lower this year but that's a good deal for the long run.
Thankfully, I'm self employed as the layoff notices started going out at many companies as soon as the election results came in.
We did have a good debate awhile back on the message board as to whether Obama was good or bad for GMXR. He might actually help out GMXR. Even his EPA zealots are not going to shut down fracking - the public outrage would be just too much. The coal companies are already laying people off. Offshore and Alaska drilling is kept in check, so oil will stay high. Nat gas may actually be a winner as coal keeps getting beaten up on.